Super Soaker inventor drenched in cash after $73M settlement from Hasbro

Inventor Lonnie Johnson is "very pleased" with the settlement.
By Evan Bleier Follow @itishowitis Contact the Author   |   Nov. 8, 2013 at 9:51 AM

(UPI) -- Toymaker Hasbro will pay out nearly $73 million to the company behind the Super Soaker and some Nerf guns following the conclusion of a dispute about royalties.

Johnson Research and Development and founder Lonnie Johnson filed a claim against Hasbro back in February alleging that the company had underpaid royalties for the toys from 2007 to 2012.

The agreement settles a dispute that began in 2001 when Hasbro agreed to pay Johnson royalties for the N-Strike and Dart Tag brands of Nerf toys.

Law firms King & Spalding and A. Leigh Baier P.C. represented Johnson.

“In the arbitration we got everything we asked for,” said attorney Leigh Baier. “The arbitrator ruled totally in Lonnie’s favor.” Baier added that Johnson “is very pleased” with the settlement.

A nuclear engineer, Tuskegee University Ph.D. and former NASA scientist, Johnson founded his company and licensed the first Super Soaker in the same year, 1989. Two years later, the Super Soaker had already generated more than $200 million in retail sales.

Johnson owns more than 80 patents and has more than 20 pending.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Georgia Confederate flag parade ends in fender-bender
Fridge odor at University of Kentucky sends 10 to hospital
Massachusetts newlyweds take home $15M lottery prize
'Drink more beer' road sign sells for hundreds